As we approach the end of the first month of 2024, FinTech deals saw a strong performance this week, raising a total of $1.62bn across 28 deals.
The biggest deal seen this week was recorded by FundPark, who pulled in an eye-watering $500m in an asset-backed facility.
Here are this week’s deals.
FundPark secures $500m in asset-backed facility
FundPark, a trailblazing FinTech company specialising in empowering digital entrepreneurs, has successfully closed an impressive asset-backed securitisation facility amounting to $500m.
The prominent financial institution Goldman Sachs played a pivotal role in this financial venture, acting as the senior lender and the arranger for the deal, according to a report from IBS Intelligence.
FundPark is renowned for its innovative approach in the financial industry, particularly in leveraging artificial intelligence (AI), sophisticated data analysis, and a robust risk-management platform.
KAP surpasses $1bn in capital raised with additional $330m
Keystone Agency Partners (KAP), the prominent insurance brokerage platform, has secured an additional $330m in financing, surpassing a total raised capital of $1bn.
The firm upsized their existing debt facility with financing that was led by Apogem Capital and featured involvement from Crescent Capital, according to InsurTech Insights.
Both companies are existing lenders to KAP, and their involvement in this latest capital injection saw the round face significant oversubscription.
Bilt Rewards secures $200m investment
Bilt Rewards, a key firm in the loyalty space focusing on rent and neighbourhood rewards, has secured an equity investment totalling $200m.
This financial influx was led by General Catalyst, with substantial participation from Eldridge and notable contributions from existing investors such as Left Lane Capital, Camber Creek, and Prosus Ventures. This remarkable funding round has catapulted Bilt’s valuation to a stellar $3.1bn.
At its core, Bilt emerged in April 2022 as the pioneering platform in the U.S., specifically designed to enable consumers to accumulate valuable rewards on their most significant monthly expense – rent.
Silverfort elevates enterprise identity security with $116m Series D investment
Silverfort, a trailblazer in the identity protection sector, has recently celebrated a significant financial milestone, securing a substantial $116m in Series D funding.
This latest injection of capital elevates the company’s total funding to an impressive $222m. The round was spearheaded by Brighton Park Capital (BPC), and saw contributions from a cohort of existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8.
In conjunction with this investment, Mike Gregoire, a founding Partner at BPC and a veteran leader formerly at the helm of CA Technologies and Taleo, is set to augment Silverfort’s Board of Directors.
FTV Capital fuels BillingPlatform’s growth with $90m investment
BillingPlatform, an enterprise revenue lifecycle management platform that supports innovative business models, has secured $90 in investment.
The investment comes from FTV Capital, a growth equity investor with a distinguished 25-year history in enterprise technology, financial services, and payment processing.
The capital injection is poised to catalyse BillingPlatform’s expansion in a burgeoning $10bn market. With an annual growth rate exceeding 10%, the company is a beacon for enterprises eager to harness its comprehensive suite of solutions.
HeavyFinance secures €50m
HeavyFinance, a prominent player in the climate tech investment sector, has successfully channelled a substantial €50m into agricultural loans throughout Europe.
The impressive €50m has been judiciously allocated across approximately 1,700 diverse projects. This strategic distribution has been instrumental in nurturing valuable connections between small and medium-scale farmers and a comprehensive global investor community. Notably, this community encompasses over 10,000 registered investors from various corners of the world, including esteemed countries like France, Germany, and Spain.
HeavyFinance stands out for its pivotal role in promoting sustainable agriculture. The company’s efforts are particularly noteworthy as it gears up to unveil its first nature-based carbon credits in the initial half of 2024.
Targeted Lending secures monumental $50m credit facility
Targeted Lending, a distinguished name in the equipment finance industry, recently celebrated the accomplishment of a significant milestone, securing a $50m credit facility from Wells Fargo Capital Finance.
With an illustrious history spanning over 25 years, Targeted Lending Co., LLC has consistently demonstrated its prowess in the equipment finance sector. The company is renowned for its Originator-centric approach, offering customised solutions that empower Originators with complete autonomy over their transactions.
Flowdesk secures €46M in Series B
Paris-based Flowdesk, a beacon in the FinTech industry, announced a significant milestone by raising €46m in Series B funding.
According to Silicon Canals, the full-service digital asset trading technology firm has successfully secured a substantial $50m (approximately €46m) in a Series B funding round.
This impressive financial injection was spearheaded by Cathay Innovation, with notable contributions from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple. This confluence of top-tier investors underscores the industry’s confidence in Flowdesk’s vision and capabilities.
Bastille Networks seizes $44m Series C funding
Bastille Networks, a trailblazer in the realm of wireless threat intelligence technology, proudly announces a momentous Series C funding of $44m.
This significant financial infusion is spearheaded by Growth Equity at Goldman Sachs Asset Management, with the participation of prior investor Bessemer Venture Partners. Bastille, a company revered for its innovative prowess, has consistently attracted top-tier investors including Comcast, Bessemer, and an array of individual backers from its Seed stage inception.
The company, renowned for its state-of-the-art approach to wireless security, stands at the forefront of the industry, catering to a diverse clientele encompassing high-tech firms, financial institutions, and entities within the intelligence community.
FinTech leader Sygnum raises $40m
Global digital asset banking group, Sygnum, has secured over $40m in what is termed the Strategic Growth Round.
This notable fundraise not only exceeded the initial target of approximately $35m but also elevated Sygnum’s post-money valuation to a robust $900m.
The Strategic Growth Round, which was notably oversubscribed, witnessed the lead investment from the global asset management powerhouse, Azimut Holding.
This round of financing also saw the participation of a diverse mix of new and existing strategic and financial investors, reinforcing Sygnum’s esteemed position in the market.
Mondu amplifies European growth with €30m in additional financing
Mondu, the burgeoning B2B payments company, has successfully secured an additional €30m in debt financing from the German financial institution, Vereinigte Volksbank Raiffeisenbank (VVRB). This new injection of funds raises Mondu’s total financing to €50m, following an initial €20m loan obtained from VVRB in late 2022
Mondu stands at the forefront of the B2B payments sector, carving out a niche in the ever-evolving FinTech landscape. The company has been pivotal in reshaping the traditional business payment structures by offering innovative, flexible payment solutions. Their services cater to a wide range of market sectors, including retailers, wholesalers, and B2B marketplaces, making business transactions smoother and more efficient.
The fresh capital is earmarked for fuelling Mondu’s aggressive expansion strategy across the European market.
Ansel secures $20m in funding round led by Portage
InsurTech Ansel, formerly known as Brella, has successfully raised $20m to expand access to the simplified supplemental insurance market.
The round was led by Portage and also attracted prominent investors, including Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and others, according to InsurTech Insights.
This transformative InsurTech is aiming to revolutionise the supplemental insurance landscape, distinguishing itself with a focus on simplicity and innovation. Ansel’s recent rebranding reflects its commitment to modernising insurance solutions.
Deposit network firm ModernFi clinches $18.7m
ModernFi, the pioneering tech-forward platform, announced a significant milestone in its journey today by raising $18.7m.
Established with a vision to revolutionize the banking experience for community and regional banks, ModernFi is redefining how these institutions manage, grow, and retain their deposits in a dynamic financial landscape.
The company proudly disclosed the closure of an $18.7m Series A funding round. This strategic investment was led by Canapi Ventures and saw the participation of notable entities including Andreessen Horowitz, Remarkable Ventures, and leading banking institutions such as Huntington National Bank, First Horizon, and Regions.
Kneat seals $15m public offering led by Cormark Securities
Kneat, a prominent Canadian company with its operational headquarters in Limerick, Ireland, has successfully orchestrated a substantial public offering.
The company, known for its pioneering next-generation Kneat Gx SaaS platform, has announced its recent financial triumph, securing a whopping $15m. This financial injection comes as part of an agreement with a consortium of investment dealers, prominently led by Cormark Securities Inc.
These leading underwriters have committed to procuring 4,615,600 common shares directly from Kneat’s treasury. Priced at a notable $3.25 per common share, this move is poised to propel the company’s growth trajectory.
Andreesen Horowitz leads $14m investment in Doppel’s digital risk technology
Doppel, a firm known for its innovative approach to brand protection, has successfully secured $14m in a Series A funding round.
According to Security Week, this significant financial boost was spearheaded by the renowned venture capital firm Andreesen Horowitz (a16z). Alongside a16z, Strategic Cyber Ventures, Script Capital, South Park Commons, and SVAngel have also contributed to this investment, showcasing a strong vote of confidence in Doppel’s vision and technology.
At its core, Doppel is dedicated to revolutionising the way organisations manage digital risks.
Norm Ai secures $11.1m seed investment
Norm Ai, a pioneering company in the RegTech industry, has successfully closed a substantial seed funding round.
The company announced it has raised $11.1m in a seed funding round, which was led by Coatue, with valuable contributions from a consortium of investors including Haystack Ventures, M13 Ventures, Basis Set Ventures, Expa Ventures, Atypical Ventures. The round also saw participation from esteemed AI researchers, notably the founding CEO of the Allen Institute for AI.
Norm Ai, based in New York City, is dedicated to alleviating the burdens of regulatory compliance.
Ozone API secures £8.5m in Series A funding
Ozone API, the trailblazing open banking platform, has successfully secured a substantial £8.5m in Series A funding.
This significant financial injection was spearheaded by Gresham House Ventures, acording to a report from FinTech Finance News.
Renowned for its innovative approach, Ozone API stands at the forefront of the open banking movement, a dynamic shift that is currently reshaping the financial landscape across more than 60 markets worldwide.
Digital WealthTech leader Marstone raises $8m
Marstone, known for its pioneering role in digital investment and wealth planning, has successfully raised $8m in a Series B financing round.
The funding was led by Mendon Venture Partners and South Rose Capital, with additional investments from new stakeholders including the Castle Creek Launchpad Fund. The round also saw continued support from existing investor Equity Bank.
Marstone stands out as a robust integrated solution in the WealthTech industry, enabling financial institutions to offer personalised digital wealth strategies and enhance customer investing experiences.
bluesheets secures $6.5m in Illuminate-led Series A round
bluesheets, a trailblazing company from Singapore, specialises in AI automation software. In a significant financial milestone, the company has successfully raised US$6.5m in a Series A funding round.
The lead investor in this round was Illuminate Financial, a notable name in the investment sphere. The company also saw continued support from previous investors such as Insignia Ventures Partners, Antler Elevate, and 1982 Ventures, a testament to their confidence in bluesheets’ vision and trajectory.
WealthKernel raises £6m in Series A funding
WealthKernel, a pioneering WealthTech firm, has recently announced a significant milestone in its financial journey. The company successfully secured an investment of £6m in a Series A extension round.
This funding round was spearheaded by ETFS Capital, a notable name in the investment community. Additionally, the round witnessed the participation of XTX Ventures, the venture capital branch of the esteemed algorithmic trading entity XTX Markets.
At its core, WealthKernel is a provider of cutting-edge digital investment solutions. The firm prides itself on its robust technology platform, designed to cater to the intricate needs of the wealth management and advisor market segments. With its innovative approach, WealthKernel is redefining the landscape of digital investments, offering comprehensive and efficient solutions to its clientele.
Prompt Security launches with $5m backing
Prompt Security, a company in the GenAI security sector, announced a significant milestone today and raised $5m in funding.
The firm has successfully closed a $5m seed funding round, spearheaded by Hetz Ventures and supported by Four Rivers, along with notable angel investors including Chief Information Security Officers (CISOs) at Elastic and Dolby.
This financial endorsement marks a pivotal moment for Prompt Security, which is poised to reshape how enterprises approach the evolving landscape of generative AI threats.
RagaAI launches with $4.7m backing
RagaAI, an innovative AI-focused startup, has completed a significant milestone in its journey by closing a $4.7m seed funding round.
This impressive financial injection was led by pi Ventures, with contributions from a consortium of global investors including Anorak Ventures, TenOneTen Ventures, Arka Ventures, Mana Ventures, and Exfinity Venture Partners.
The company, founded by tech industry stalwart Gaurav Agarwal, is at the forefront of the AI revolution, offering an automated and comprehensive AI testing platform.
Axyon AI elevates asset management with €3.9m boost
Axyon AI, an innovative Italian company specialising in AI for asset management, has successfully completed its latest funding round.
The round was spearheaded by US-based venture capital firm Montage Ventures and supported by Techshop SGR, alongside a group of angel investors. This marks a significant milestone for Axyon AI as it continues to push the boundaries of AI technology in the financial sector.
The company has secured a total of €3.9 million in this round. The funds are allocated to accelerate Axyon AI’s commercial and technological growth, fuelling further advancements in their cutting-edge solutions.
Alinea Invest secures $3.4m
Alinea Invest, a pioneering ew York-based FinTech firm focused on AI-powered WealthTech solutions, has successfully secured $3.4m in seed funding.
The investment round saw contributions from notable entities including F7 Ventures, GFR, Worklife Ventures led by Bri Kimmel, FoundersX Fund, Gaingels, and Dropbox co-founder Arash Ferdowsi, according to a report from TechCrunch.
The company is carving a niche in the competitive FinTech sector by offering a Gen Z-targeted investment platform. Alinea, conceptualised amid the uncertainties of the COVID-19 pandemic by co-founders Anam Lakhani, Eve Halimi, and CTO Daniel Nissenbaum, differentiates itself with a user-friendly interface and personalised investment strategies.
RegTech Naq secures €3m in oversubscribed round
European automated compliance platform Naq, has successfully secured a significant €3m (£2.6m) investment, marking a pivotal step in the advancement of healthcare and medical compliance across the UK and the EU.
This oversubscribed funding round, featuring a substantial contribution from No Such Ventures alongside additional backing from prior investors, underscores the market’s robust confidence in Naq.
This investment comes notably less than twelve months after Naq’s pre-seed funding, mirroring the platform’s vigorous expansion in the UK’s digital health landscape.
FinTech pioneer KARTY clinches $2m seed funding
KARTY, a burgeoning FinTech startup based in Qatar, has successfully completed a notable seed funding round, securing an impressive $2m.
This capital injection comes from a diverse group of local investors, according to a report from IBS Intelligence.
The newly acquired funds are earmarked for the launch and scaling of KARTY’s e-wallet and financial resource management application.
Dataroid bags $2m from Koç Group and Isbank for global analytics expansion
Dataroid, a prominent figure in the digital analytics and customer engagement sector, has proudly announced a new milestone in its funding journey.
The company has successfully secured a significant investment of US$2 million, with notable contributions from Koç Group’s Private Venture Capital Investment Fund and Isbank’s 100th Year Venture Capital.
Operating at the forefront of the FinTech industry, Dataroid specializes in providing cutting-edge solutions that empower marketing, product, and technology teams.
MioTech secures substantial investment to champion climate tech in Asia
MioTech, a trailblazer in sustainability data and software in Asia, announced a significant milestone in its journey. The company, renowned for its innovative approach to climate tech, has successfully completed a new round of financing, solidifying its position in the market.
Esteemed global venture capital firms such as ZhenFund, Horizons Ventures, TOM Group, Moody’s, HSBC, Guotai Junan International, GIC, and J.P. Morgan have all contributed to this latest injection of capital.
As a leader in the ESG and climate tech domain, MioTech’s operations are pivotal in shaping sustainable futures.
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